Does the Internal Revenue Code Section 162 allow a deduction of business expenses pertaining to a...
Does the Internal Revenue Code Section 162 allow a deduction of business expenses pertaining to a horse showing business with no income and expenses (unspecified) of $30,000?
Homework Answers
If there is no income then IRS will decide whether its a horse business or hobby on 9 different evaluations, if it comes as horse business then,
Yes, expenses related to horse business are deductible with having proper documentation.
I have listed below most of the Horse-Related Business Expenses:-
Barn and stable supplies
Breeding fees
Broodmare leases
Equine therapy
Farrier fees
Horse feed and shavings
Trade organization member fees
Trailering horses
Training horses for shows or for sale
Veterinary fees
Work clothing such as riding breeches, boots and helmets (includes fitting and laundering
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Does the Internal Revenue Code Section 162 allow a deduction of
business expenses pertaining to a...
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